5 important things happening in South Africa today
·18 Dec 2017
Here’s what is happening in and affecting South Africa today:
- Following several delays in registering delegates and getting through nominations and voting, the ANC will announce its new president on Monday. The nominations made it a clear two-way battle between Cyril Ramaphosa and Nkosazana Dlamini-Zuma, with both camps confident of a win.
- The Financial Services Board announced it would investigate the forced sale of Steinhoff shares by former chairman Christo Wiese to see if the sales were in line with insider trading regulations. Wiese’s share trading was part of a complicated scheme to gain majority voting rights in Shoprite.
- Eskom’s tariffs will be increasing by 5.23% by the end of March 2018, after energy regulator Nersa granted little over a quarter of the 19.9% the power utility initially asked for. Subsequently, Eskom’s revenue targets have been slashed, but it can at least pay salaries now.
- Cape Town’s water crisis has taken a sad turn as once public water sources have been blocked off, and criminal elements have started seeping in. Reports of strictly-controlled water sources being abused have started surfacing, as the water crisis in the Mother City deepens.
- South Africa’s rand firmed more than 2.3% to R12.78 on Sunday as Ramaphosa and Dlamini-Zuma were formally nominated to contest the leadership of the ruling ANC. But by early Monday it had reversed most of those gains and was trading at R13.08 to the dollar, R17.46 to the pound and R15.39 to the euro.
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